About Us

When Old Mutual became a publicly listed company in 1999, eligible Old Mutual policyholders were issued with free shares and recipients of those free shares were required to claim them.

Since demutualisation, some 98% of the shares have been claimed, and have benefited the original policyholders.

The remaining unclaimed free shares were held in an Unclaimed Shares Trust (UST), pending confirmation by those entitled to the shares. When the UST was closed at the end of August 2006, approximately 54 million shares remained unclaimed, despite significant efforts to trace the eligible policyholders.

Executive management recommended that the after-tax proceeds of R1.3 billion be used for the benefit of South Africans as follows:

• R400 million will be retained to continue to meet valid claims from unconfirmed members until 31st August 2009.
• R300 million will be used to improve the benefits of certain small policyholders.
• The balance, less any tax that may be payable on closure of the UST, will be invested, through Masisizane, in development initiatives that will contribute to South Africa’s economic growth.

Masisizane, a Section 21 (non-profit) organisation, was created to coordinate the delivery of these initiatives, each having an independent and inclusive governance structure of their own.

All of these initiatives exist in addition to existing business and corporate social initiatives undertaken by Old Mutual South Africa. The intention is that each initiative makes a meaningful investment in shared growth.